The month of July marks the ninth year of expansion in the U.S. economy, which is the third longest period of growth since World War II.

With record employment gains, payroll growth and a "tortoise" growth scenario - slow but steady - the economy seems poised to continue on pace through the second half of 2017.

Previous periods of expansion have collapsed under the weight of bubbles - such as the housing bubble or the tech bubble - that do not appear to be factors today.

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City National Bank provides investment management services in conjunction with City National Rochdale, its wholly-owned subsidiary, a registered investment advisor. Herein are communications prepared by City National Rochdale that reflect City National Bank's investment products and services.